Europe will suffer if Brussels shuts the City of London out of EU markets December 2, 2016 Benjamin Franklin once said that “you may delay, but time will not”. With Article 50 to be triggered before the end of March pending the Supreme Court ruling, how much more time can Westminster and Brussels policy-makers really afford to spend on political rhetoric? Can we really ignore warnings from European officials that UK plans to [...]
(Banco) Popular decision? Shares rise as chairman Angel Ron ousted December 1, 2016 Shareholders can be a harsh bunch sometimes; shares in Spain's Banco Popular shot up today after the board voted to oust its long-serving chairman. Angel Ron has sat at the helm of the struggling bank for more than a decade, but his leadership, include poor progress in ditching the lender's toxic assets, has recently sparked grumbles from [...]
UBS wraps most of its wealth management business into Frankfurt hub December 1, 2016 UBS today revealed it is consolidating the majority of its wealth management business into one legal entity in Frankfurt. The move will merge together the Swiss banking giant's subsidiaries across Germany, Italy, Luxembourg (which included the branches in Austria, Denmark and Sweden already), the Netherlands and Spain. UBS hopes the move will help to simplify its [...]
FCA wants customers to shop around for the best bank interest rates and have revealed who gives the best returns on cash December 1, 2016 With interest rates at rock bottom levels we've all become accustomed to the fact we shouldn't expect much of a return from our bank accounts. And today, the UK's financial watchdog named and shamed the banks paying the lowest interest rates on cash savings accounts. Read more: City watchdog warns of asset management "market failure" [...]
Donald Trump hands top job at commerce department to Bank of Cyprus vice-chairman December 1, 2016 President-elect Donald Trump has appointed the vice-chairman of soon-to-be London-listed Bank of Cyprus as his secretary of commerce. Billionaire investor Wilbur Ross was a key Trump ally during his bid for the White House. Similar to the President-elect, he has criticised the North American Free Trade Agreement and blamed China's entry into the World Trade Organisation in 2001 [...]
Lloyds Bank is launching an online tool to help UK businesses grow globally December 1, 2016 Lloyds Bank is launching a new initiative to help UK businesses move into overseas markets. Through the bank's new international trade portal, businesses will be able to get practical support and advice on the international opportunities that suit them. Read more: Stalemate in Santiago: Basel Committee fails to reach agreement It will also be a [...]
Bank of England stress tests are getting tougher – but do they still add value? December 1, 2016 The Bank of England 2016 stress test was the toughest to date, with a more severe scenario which incorporated a combination of both a UK and global recession. Combined with a higher pass mark, this created challenges for several institutions. All of the banks started the exercise in more robust shape with a lower risk [...]
Stalemate in Santiago: Basel Committee fails to reach agreement on bank capital rules November 30, 2016 Negotiators have walked away from a two-day meeting about banking red tape in Santiago without having reached an agreement on capital rules. Speaking after the end of the Basel Committee meeting of banking regulators, chairman Stefan Ingves indicated that the group had started to form an outline for an agreement but were yet to settle on the finer details. "We [...]
The Bank of England is treating £5 note drama with “the utmost seriousness” November 30, 2016 The Bank of England has responded to angry vegans who have objected to the use of animal products in the manufacturing of £5 bank notes. It has said it didn't know the animal material – known as tallow – was used in the making of the note. The statement comes after someone asked about the [...]
RBS on renewed drive to cut costs and shed assets after Bank of England stress test flop November 30, 2016 The Royal Bank of Scotland will now renew efforts to slash costs and shed assets, as it tries to bolster its balance sheet after flunking the Bank of England's most recent stress test. The worst performer of the seven lenders tested, RBS will now be monitored by the Bank's prudential regulation authority and has had to [...]